FX.co ★ Technical analysis of USD/CAD for March 2, 2015

General overview for 02/03/2015 09:40 CET

It is quite possible that the triangle formation was completed. Now market is trying to break out above the level of 1.2533 and the golden trend line. The first target would be the green trend line dynamic resistance at the level of 1.2600 and then a big supply zone from higher time frame marked as a grey rectangle. Nevertheless, before market would do that, there is one more wave to complete in the corrective structure to finish wave (ii) green of the overall intraday impulsive progression. Please, notice that any violation of the level of 1.2386 invalidates the impulsive bullish wave development.

Support/Resistance:

1.2367 - WS1

1.2386 - Invalidation Level

1.2447 - Intraday Support

1.2515 - Weekly Pivot

1.2533 - Intraday Resistance

1.2600 - Dynamic Trend Line Resistance

Trading recommendations:

Daytraders and swingtraders should consider opening buy orders from the current market levels with SL below the level of 1.2385 and TP open for now.